As an analyst with extensive experience in the cryptocurrency market, I believe that Binance’s decision to delist the SHIB/TUSD trading pair is a prudent one based on the current state of Shiba Inu’s liquidity and trading volume. The poor performance of this pair aligns with the broader downtrend in the price of Shiba Inu, which has seen a significant drop in value over the past month.
Binance, the world’s leading cryptocurrency exchange, is once again removing some assets from its platform. Among those being delisted is Shiba Inu (SHIB), a well-known meme coin. This means that various trading pairs involving Shiba Inu will be suspended on Binance this month.
Binance Delist SHIB/TUSD Trading Pair
On June 26, Binance revealed its intention to eliminate certain trading pairs from its platform as of June 28, 2024. Specifically, the exchange intends to discontinue SHIB/TUSD and cease support for spot trading bots associated with this pairing.
Users of Binance are encouraged to either update or cancel their SHIB/TUSD spot trading bots prior to their expiration in order to prevent potential losses. Binance announced that the removal of the SHIB/TUSD trading pairs will not impact the continued availability of the Shiba Inu token on the Binance Spot Market.
Binance announced that regular token transactions for executing trades and continuing with spot trading pairs will remain an option for users. Furthermore, quoting assets for trading on existing Binance pairs will continue to be supported.
In its recent announcement, Binance intends to remove several crypto trading pairs from its platform, namely BLUR/FDUSD, LINK/TUSD, MEME/ETH, METIS/FDUSD, NFP/BNB, and OSMO/BTC in addition to SHIB/TUSD. The exchange provided explanations for this decision in a blog post.
Based on the blog post, Binance plans to eliminate the SHIB/TUSD and other underperforming spot trading pairs due to insufficient liquidity and low trading volumes. The exchange emphasized the importance of removing these pairs to safeguard users and preserve a robust trading market, ultimately contributing to the platform’s longevity and stability.
Each year, Binance conducts thorough evaluations of all the trading pairs on its platform and subsequently removes some for delisting. For instance, in the previous year, they chose to discontinue the SHIB/BUSD margin pair to withdraw their backing of the BUSD stablecoin.
The price of the Shiba Inu (SHIB) to Tether (TUSD) spot market on Binance is presently at $0.00001719, indicating a 1.72% drop over the previous 24-hour period.
Shiba Inu Price Continues On Downward Spiral
As a researcher studying the cryptocurrency market, I’ve noticed a concerning trend with Shiba Inu’s price action. According to data from CoinMarketCap, this meme coin has experienced a steep decline of around 33.06% over the past month. This substantial drop may indicate that the bullish rally for Shiba Inu could be coming to an end.
The cryptocurrency with a popular dog theme is continuing to decline, dropping by 2.39% in the past 24 hours. This significant downturn has negatively impacted both investor sentiment and the demand for Shiba Inu, resulting in a substantial 36.31% decrease in its daily trading volume. The coin is currently valued at $0.000017, a stark contrast to its record high of over $0.000044 earlier this year.
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2024-06-27 21:41